On the commodities front, Oil (NYSE:USO) declined to $88.27 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1,576 an ounce while Silver (NYSE:SLV) fell 0.29% to settle at $27.01.

Here’s your Cheat Sheet to today’s top stock stories:

Apple’s (NASDAQ:AAPL) next iPhone will do away with the wide dock connector used in the company’s mobile devices for years in favor of a smaller one, according to a Reuters report. To some, the move may seem insignificant — it’s not a new Retina screen (the iPhone 4S already has that), or 4G connectivity (the iPhone 4S has that, too) — but it is an innovation that will have a far-reaching impact.

In other Apple (NASDAQ:AAPL) news, the ongoing patent battle with Samsung is taking a trip down under as an Australian judge on Monday began hearing evidence for an anticipated three-month trial. While the Australian court decision will have no substantial impact in other jurisdictions like Europe or the United States, lawyers say the trial proceedings could reshape the legal strategies employed by Apple and Samsung going forward.

From today’s market on the plus side, Canada’s oil and gas producer Nexen Inc.’s (NYSE:NXY) shares increased 53 percent. The company agreed to be acquired by China’s Cnooc (NYSE:CEO) for a $15 billion cash transaction.

Peet’s Coffee & Tea’s (NASDAQ:PEET) shares rose 29 percent after it announced it will be acquired by Joh. A. Benckiser. The deal is for $73.50 per share, or $1 billion.

On the downside, McDonald’s Corp. (NYSE:MCD) shares declined almost four percent after an unusual decline it its second quarter profit. A lot of this was attributed to a stronger U.S. dollar.